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Rani Molla

President Trump’s on-again, off-again tariffs aren’t exactly making companies move manufacturing to America, but it is getting them to try some interesting hijinks.

Apple airlifted 600 tons of iPhones — as many as 1.5 million devices — from India to the US to get ahead of Trump’s tariffs there, Reuters reports. Stepping up production in India, where the tariffs have always been poised to be lower than China (where most iPhones are produced), and pivoting where those phones are ultimately shipped was another way for Apple to avoid tariffs.

Hopes that these kinds of operational rerouting tactics will be employed en masse are one reason why stocks with massive exposure to China managed to have their second-best session on record Wednesday, even amid the escalation in levies between the US and China.

Bank of America wrote yesterday that it wouldn’t really be possible for Apple to completely produce iPhones in the US. Rather, the company could do final assembly here, and that would still drive up costs by 90%.

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J. Edward Moreno

Oscar Health jumps after Trump signals openness to extending ACA subsidies as part of deal to end government shutdown

Oscar Health jumped in after-hours trading after President Trump suggested he is open to extending Affordable Care Act subsidies as part of a funding bill to reopen the government.

The stock was recently up 9.1%.

ACA plans, which are a major source of revenue for some insurers, including Oscar, are at the center of budget negotiations as the government shutdown stretches on.

According to NBC News, when asked if he would be willing to make a deal on the subsidies, Trump told reporters: “If we made the right deal, I’d make a deal.” Senate Minority Leader Chuck Schumer denied that Trump was talking with Democrats about reaching an agreement but said, “We’ll be at the table,” The New York Times reported.

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J. Edward Moreno

Constellation Brands earnings report beats Wall Street estimates

Constellation Brands ticked up in after-hours trading Monday after it reported earnings results that beat Wall Street expectations.

Constellation, which owns a variety of booze brands including Modelo Especial in the US, reported quarterly adjusted earnings per share of $3.63, higher than the $3.38 analysts polled by FactSet were expecting.

It also reported $2.48 billion in revenue, slightly above the $2.45 billion the Street predicted.

The company slashed its full-year guidance last month, reducing its fiscal 2026 adjusted EPS outlook to $11.30 to $11.60, down from its previous range of $12.60 to $12.90. Analysts are penciling in $11.49 adjusted earnings per share for the fiscal year.

The company left that guidance unchanged.

Despite owning one of the US’s most sold beers, Constellation is facing various headwinds ranging from declining beer consumption and pressure on Hispanic consumers.

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Tasha Matsumoto
6h
The S&P 500, Nasdaq 100, and Russell 2000 all post fresh closing highs

Gold and bitcoin also moved higher.

Chicago Bulls Dennis Rodman (91), Scottie Pippen (33) and Michael Jordan (23) during game vs Miami Heat. Miami, FL 2/23/1996
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Luke Kawa

AppLovin craters after Bloomberg report that the SEC is investigating its data collection practices

What AppLovin CEO Adam Foroughi said would be “a fun quarter” is turning unfun in a hurry.

Shares of the ad tech company tumbled after Bloomberg reported that its data collection practices are the subject of an SEC probe, in particular whether it violated service agreements in a bid to push higher volumes of targeted advertisements.

Citing people familiar with the matter, Bloomberg says the investigation is in response to a whistleblower complaint as well as reports from short sellers, some of which were published in February.

Confusion concept revenue sharing deals

It’s getting pretty tough keeping all these AI deals straight

Where is all this money supposed to come from? And who gets to keep it?

Matt Phillips6h

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